November 24

Many large stocks are approaching staged drama Show signs the partial easing of monetary policy, but round of investors looking forward to go over the year but not to, because the market has been financing a nightmare hanging over swtor credits, close to the end, stocks, bonds and financing outs again. Years ago financed Chao attacked a shares "the a-share IPO was suspended. "Mr Guo after the President assumed office, the market was once rumored, but not rumors in a few days until the.Before the new year, the a-share financing not only failed to reduce the pressure, but there are signs the outbreak. As a leading IPO, and how this month large stocks will only be approved in these companies have been in, there are 6 issued more than 100 million shares. Disclose earnings per share according to the company, and in accordance with current earnings estimates, Shaanxi coal shares to raise about 20 billion, unitAbout 26.88 billion yuan, Xinhua life insurance even slim issue size of about $ 4.3 billion, others such as the West securities, dongwu securities 2.4 billion and Phoenix Media 4.2 billion, appetite is not small, totaling 6 market financing scale as high as $ 61.53 billion new shares. In addition, there are more than 40 companies have been, but have yet to issue shares to be listed companies will be coming out in theThe end complete, these new shares total circulation up to 1.56 billion shares on Thursday (November 24) rough calculation of the average stock price $ 13.63 in Shanghai and Shenzhen stock market, even if half of the stock market hemorrhage $ 10.6 billion. Meanwhile, issuance and placement will also be streaming market funds at the end. Wind statistics, currently by the SFCApprove the implementation from the issuance of a total of 56 of total financing up to $ 113 billion. Even if companies implement additional 50% at the end, and from the market for blood $ 56.5 billion. Securities and Futures Commission has approved the rights issue 3, although the small number, but only investment banks raise money the maximum amount up to a $ 35 billion. Wind statistics, by the end of IPO, rights issues, rights issues intoCapital of up to more than 80 billion dollars. The figure was 10.5 months before this year's a-share stocks raise about $ 585 billion to nearly $ 14%. Debt financing rapid warming documents official statement more than once, to vigorously develop the Exchange bond market to enhance the bond market in the proportion of direct financing. Statistics show that convertible this year a total of 9, totaling nearly $ 43 billion, Including petrochemical scale as much as $ 23 billion of convertible bond. In addition, this year listed companies to issue corporate bonds for a total of 357, size of up to $ 550 billion. The night of November 16 this year, SFC breath by XJ electric public offering of 960 million company universal Qian Chao issued not more than $ 1.5 billion bond, corporate bond, WISCO shares public offering up to 72Million applications for corporate bonds. Write, kaidi electric power, precision steel companies presented their applications to issue bonds, the current scale of corporate bonds has been approved but not issued more than 10 billion yuan. Corporate bonds with higher interest rates to attract investors, as of this week, AA and AA-minus rating of 5-year corporate bond yield to maturity has been reached years 7% level. DebtCoupons also has taken on a brisk trade in the market, as of November 20, 211 only debt base since October, the average rose 3.4%, bond market environment significantly better than the stock environment. Since the beginning of October, silent months gradually pick up the bond market, city investment and debt, corporate bonds, convertible bonds and other varieties have stopped falling and stabilising. The industry generally believe that macro-economic dataAnd micro-profit enterprises are in the background of the downward trend, is ushering in investment opportunities in the bond market. And once bond markets popular, streaming stock market funds would become inevitable. Liquidity "off" hard to get over measuring liquidity one of important indicators of breaking Shanghai interbank offered rate on Friday, down 7 days remains high at more than 4%. Starts on a MondayRemoved all varieties have started to rise in the market, or even 14 days SHIBOR rates twice times is often a 1-year, indicates that the current level of liquidity in China remain strained in the short term. Industry insiders said, approaching money market rates were slightly higher, means that the Bank has not markedly improved, funds at the end surface tension may have started to become apparent. AndAnd bond yields rebounded slightly in the same period, funds to ease the level has been reduced. Qi Lu securities research pointed out in the report, corporate lending and banking liabilities costs there have been no signs of improvement, while short-term interest rates still at record highs since 2008 (see attached map). While investors and liquidity improvement expected already in policy, embodied in the market is expected to fail is not surprising.At the policy level, the Central Bank on Thursday clarified cut deposit and rumors, confirmed on 5 5 institutions in Zhejiang rural credit systems cut the deposit rate is because agriculture in early recovery after penalty raised credit standards not be, cannot be considered show signs of loosening monetary policy, implying that the tensions in the short term liquidity will remain deadlocked.